Joe Biden’s gun tax proposals could cost gun owners upwards of $34 billion for guns and magazines they already possess.
Breitbart News reported that Biden’s proposals include a $200 tax for each AR-15 that is already owned, and that tax would also apply to other firearms Democrats label “assault weapons.”
Biden also wants to tax gun owners $200 for every “high capacity” magazine they own.
On November 17, 2020, Breitbart News reported National Shooting Sports Foundation (NSSF) numbers showing that Americans own an estimated 434 million firearms. Nearly 20 million of those firearms are Modern Sporting Rifles, firearms that the Democrats categorizes as “assault weapons.”
Under Biden’s plan, the tax for the nearly 20 million Modern Sporting Rifles alone could be $4 billion.
The NSSF numbers also show that Americans own more than 71 million pistol magazines capable of holding more than ten rounds and “79.2 million rifle magazines capable of holding 30 or more rounds.”
Taking that as a rounded figure of 150 million magazines, the tax on those could be $30 billion.
Add the $4 billion in rifle taxes and the $30 billion in magazine taxes, and American gun owners could owe $34 billion.